BETHESDA, Md., May 2, 2024 /PRNewswire/ -- Saul Centers, Inc. (NYSE:BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended March 31, 2024 ("2024 Quarter").  Total revenue for the 2024 Quarter increased to $66.7 million from $63.0 million for the quarter ended March 31, 2023 ("2023 Quarter").  Net income increased to $18.3 million for the 2024 Quarter from $17.7 million for the 2023 Quarter primarily due to (a) higher commercial base rent of $1.4 million and (b) higher residential base rent of $0.3 million, partially offset by (c) higher interest expense, net and amortization of deferred debt costs of $0.6 million and (d) higher general and administrative costs of $0.5 million. Net income available to common stockholders increased to $10.8 million, or $0.45 per basic and diluted share, for the 2024 Quarter from $10.7 million, or $0.45 per basic and diluted share, for the 2023 Quarter. Same property revenue increased $3.6 million, or 5.8%, and same property operating income increased $1.8 million, or 3.8%, for the 2024 Quarter compared to the 2023 Quarter.  The $3.6 million increase in same property revenue for the 2024 Quarter compared to the 2023 Quarter was primarily due to (a) higher commercial base rent of $1.4 million, (b) higher expense recoveries of $1.7 million and (c) higher residential base rent of $0.3 million. Shopping Center same property operating income for the 2024 Quarter totaled $36.0 million, a $1.0 million increase from the 2023 Quarter.  Shopping Center same property operating income increased primarily due to higher base rent of $1.0 million.  Mixed-Use same property operating income totaled $12.6 million, a $0.8 million increase from the 2023 Quarter. Mixed-Use same property operating income increased primarily due to (a) higher commercial base rent of $0.4 million and (b) residential base rent of $0.3 million. No properties were excluded from same property results. Reconciliations of (a) total revenue to same property revenue and (b) net income to same property operating income are attached to this press release.  Same property revenue and same property operating income are non-GAAP financial measures of performance and improve the comparability of these measures by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. We define same property revenue as total revenue minus the revenue of properties not in operation for the entirety of the comparable reporting periods.  We define same property operating income as net income plus (a) interest expense, net and amortization of deferred debt costs, (b) depreciation and amortization of deferred leasing costs, (c) general and administrative expenses, (d) change in fair value of derivatives, and (e) loss on early extinguishment of debt minus (f) gains on sale of property and (g) the results of properties not in operation for the entirety of the comparable periods. Funds from operations ("FFO") available to common stockholders and noncontrolling interests (after deducting preferred stock dividends) increased to $27.5 million, or $0.80 per basic and diluted share, in the 2024 Quarter compared to $26.9 million, or $0.81 and $0.79 per basic and diluted share, respectively, in the 2023 Quarter.  FFO is a non-GAAP supplemental earnings measure that the Company considers meaningful in measuring its operating performance.  A reconciliation of net income to FFO is attached to this press release.  The increase in FFO available to common stockholders and noncontrolling interests was primarily the result of (a) higher commercial base rent of $1.4 million and (b) higher residential base rent of $0.3 million, partially offset by (c) higher interest expense, net and amortization of deferred debt costs of $0.6 million and (d) higher general and administrative costs of $0.5 million. As of March 31, 2024, 94.6% of the commercial portfolio was leased, compared to 93.9% as of March 31, 2023.  As of March 31, 2024, the residential portfolio was 98.7% leased compared to 98.2% as of March 31, 2023. Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 61 properties, which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) four non-operating land and development properties. Over 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, D.C./Baltimore area. Safe Harbor Statement Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws.  For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  Although the Company believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.  These factors include, but are not limited to, the risk factors described in our Annual Report on (i) Form 10-K for the year ended December 31, 2023 and (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and include the following: (i) the ability of our tenants to pay rent, (ii) our reliance on shopping center "anchor" tenants and other significant tenants, (iii) our substantial relationships with members of the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (iv) risks of financing, such as increases in interest rates, restrictions imposed by our debt, our ability to meet existing financial covenants and our ability to consummate planned and additional financings on acceptable terms, (v) our development activities, (vi) our access to additional capital, (vii) our ability to successfully complete additional acquisitions, developments or redevelopments, or if they are consummated, whether such acquisitions, developments or redevelopments perform as expected, (viii) adverse trends in the retail, office and residential real estate sectors, (ix) risks relating to cybersecurity, including disruption to our business and operations and exposure to liabilities from tenants, employees, capital providers, and other third parties, (x) risks generally incident to the ownership of real property, including adverse changes in economic conditions, changes in the investment climate for real estate, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, the relative illiquidity of real estate and environmental risks, and (xi) risks related to our status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to our status as a REIT, the effect of future changes to REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT.  Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release.  Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise.  You should carefully review the risks and risk factors included in (i) our Annual Report on Form 10-K for the year ended December 31, 2023 and (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. Saul Centers, Inc. Consolidated Balance Sheets (Unaudited)   (Dollars in thousands, except per share amounts) March 31,2024 December 31,2023 Assets Real estate investments Land $         511,529 $         511,529 Buildings and equipment 1,599,887 1,595,023 Construction in progress 557,711 514,553 2,669,127 2,621,105 Accumulated depreciation (739,406) (729,470) Total real estate investments, net 1,929,721 1,891,635 Cash and cash equivalents 7,079 8,407 Accounts receivable and accrued income, net 53,814 56,032 Deferred leasing costs, net 23,931 23,728 Other assets 15,761 14,335 Total assets $      2,030,306 $      1,994,137 Liabilities Mortgage notes payable, net $         927,256 $         935,451 Revolving credit facility payable, net 272,909 274,715 Term loan facility payable, net 99,568 99,530 Construction loans payable, net 108,917 77,305 Accounts payable, accrued expenses and other liabilities 62,988 57,022 Deferred income 21,610 22,748 Dividends and distributions payable 23,127 22,937 Total liabilities 1,516,375 1,489,708 Equity